Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1887-05-23
THE SILVER BULLION SCHEME.

THE SILVER BULLION SCHEME.
Says the Winnemucca Silcer State:
at is stated that certain New York
capitalists have organized scheme to
trade in silver bullion certificates, as
grain and cotton certificates are now
dealt in. The head of the organization
is the new Western National Bank, of
which ex-Secretary Manning and ex-
Treasurer Jordan are the principal
officers. The scheme consists in having
silver bullion deposited with the Western
Bank ore elsewhere, and issue certificates
for the same. America is the greatest
silver producing country, and the great
trouble in trading in silver arises from its
bulk and weight The proposed certif-
Gates will make the business more easily
transacted, as a person who wants any
number OF ounces Of silver can get a GER
! tifcate for the amount. The movement
has progressed 80 far that certificates are
being printed for 500 and 900 ounces of
silver, TO be registered with and guaran-
teed by the Western Bank, and appica-
ton will be made to have the certificates
listed on the Stock Exchange.
This will subject silver to all the vicis-
STUDIES OF stock gambling, and the price
OF the metal will depend upon whether
the bulls or the bears are in the ascend
ancy in the Stock Exchange. l. is no
worse, however, to speculate IL liver in
New York than it is in LoDI and be-
sides it will save the Cover aent the ex-
pense OF telegraphing .ondon every
time it purchases bullio. or coinage to
ascertain what price it shall pay for an
article OF which our own country is the
greatest producer in the world.
The scheme of the New York capital
lists will transfer the privilege OF regulat-
ing the price OF bullion from London to
New York, and rs the metal is as low
now as London brokers can make it, it is
probable that listing it on the New York
Exchange will result benefcially to pro-
| ducers.
1t is an outrage upon the silver pro-
ducing States and Territories that a metal,
which has ever been classed as precious,
with fixed value, should, by legislation
inspired by the moneyed powers, be re-
duced to the level OF lead and iron, with
its price depending upon the ability or in
ability OF stock jobbers to corner it,"
While the Silrer State is perfectly cor
rect in condemning as an outrage the
general oppression to which silver is sub
lected by the financial powers that un-
fortunately be, we must say that from
the "silver bullion scheme" there eman-
ates bright glimmer OF hope Aside
from the fact, noted by the Silver State,
that the new scheme wrests the
creation OF the financial status OF
silver from the London broker, and
gives it 10 the American dealer,
we now have the certainty that the great
silver bulk will be OF the most possible
direct benefit to the country which pro-
duces it. The new scheme will concen-
trate silver in tine American money mar
kets. The pure white metal will become
security for vast amount OF circulating
value, and its very presence in that
capacity will be a tower OF strength
and credit. And this is probably
the incentive of the whole scheme.
Messrs. Manning and Jordan are men
whose financeering is the financeering Of
genius. They have been swift to recog-
nize that if grain and cotton were basis
OF value for the issuance of trade certif-
Gates, how much more valuable and safe
as similar base must be silver, metal
looked upon by large proportion of the
Nation as financial value itself. We are
glad to see the concentration OF silver in
our own markets. We are glad to see
it recognized by the most shrewd and
energetic exponents of the monied power
as at least one OF the leading bases of
value. Our own market is safe place
for silver. 1t will come handy when the
people call for it. The silver bullion
scheme is presage of better things.
From the manipulation OF the stock gam
bier, silver will pass to the control OF the
people. 1t is true that stock gambling is |
not very desirable avenue for the COM
ing money OF the people to travel in
reaching its inevitable destination. But |
then we must reflect that stock gambling |
is as much recognized modern institu.
ton as the faro bank or the church rattle,
and we must thusly comfort ourselves.